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MTECHTIPS:-Gold futures push higher on hopes for dovish Fed
Gold futures edged higher in Europe trade on Monday, as investors looked ahead to this week’s Federal Reserve policy statement for any indication that the bank is considering slowing the path of interest rate increases this year. Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $8.50, or 0.78%, to trade at $1,104.80 a troy ounce by 9:00 GMT, or 4:00AM ET. Gold prices rose $7.40, or 0.52%, last week. Prices of the precious metal are up 4% so far this year as investors sought refuge from turmoil in global equity markets. The Federal Reserve is not expected to take action on interest rates at the conclusion of its two day policy meeting at 19:00 GMT, or 2:00PM ET, on Wednesday, but it will be watched for any change in tone about the economy or future rate hikes. Many in the market anticipate the pace of future increases to be gradual amid concerns over tepid growth overseas and indications that U.S. economic growth stalled in the fourth quarter. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.
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